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January 22, 2002
St. Paul, Minn. -- According to results of a joint survey between the Minnesota Trucking Association (MTA) and the American Trucking Associations (ATA), Minnesota's trucking companies are experiencing rising insurance rates, especially after Sept. 11.
The survey shows that primary, or general liability, rates increased by 32 percent for carriers renewing in 2001, with those renewing their policies after Sept. 11 paying an average of 37 percent more. Renewal rates for umbrella insurance in 2001 increased an average of 74 percent, while rate increases after Sept. 11 climbed 120 percent.
ATA president William Canary said that while some increases in costs were expected because of insurance losses associated with the terrorist attacks, the sharp increase is troubling because both government statistics and the industry's experience show that trucking companies are driving safer than ever.
The MTA currently is working with the ATA to develop educational materials for state association members to help provide and promote better safety programs and practices, hiring of drivers, training and monitoring systems, safety incentive programs, and loss prevention systems.
To view the study, visit www.mntruck.org.
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